The minute of the meeting held before demonetisation shows that the Central Board of The Reserve Bank Of India approved the demonetisation of Rs 500 and Rs 1000 but also raised objections to the point that it will help curb black money and check the flow of counterfeit notes reported The Indian Express.

The objections raised are important considering that PM Modi in his speech on November 8 said that the note ban was aimed at destroying black money and the business of counterfeit notes.

#Demonetisation, The Historic Decision Which No Government Could Ever Take To Give A Blow To Corruption & Black Money Was Taken By PM Modi. #CorruptCongressFearsDemo

In the 561st RBI Board meeting which was summoned at 5:30 PM, just 4 hours before PM Modi announced demonetisation, in New Delhi, the bank director’s commended the move but also warned that demonetisation “will have a short-term negative effect on the GDP for the current year”.

The minutes of the meeting was signed by RBI Governor Urijit Patel on December 15, 2016, and six significant objections were raised by RBI Board.

The highlights of the meetings as per the Indian Express report:

Counterfeit notes: “While any incidence of counterfeiting is a concern, Rs 400 crore as a percentage of the total quantum of currency in circulation in the country is not very significant”.

On black money, the board noted: “Most of the black money is held not in the form of cash but in the form of real sector assets such as gold or real-estate and…this move would not have a material impact on those assets.”

The move will have adverse effects on tourism and medical sectors

The move will push for financial inclusion and digital payment

“The proposed step also presents a big opportunity to take the process of financial inclusion and incentivising use of electronic modes of payment forward as people can see the benefits of bank accounts and electronic means of payment over the use of cash…”

The minutes of the meeting also mentioned that the issue of ‘demonetisation’ and the other concerned issues was being discussed for the last six months.

After Fake Notes, Notes Without Serial Number Found Dispensed From MP ATM. And A New Fake Note Racket In Bangladesh

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This Diwali Let Us Rebuild Schools To Secure A Better Future For The Country

We all have memories attached to our schools. Yes, obviously we do, otherwise, why would we be all excited for our school’s 10-year reunion? Because reunions are the time when we get to relive those juvenile memories and cherish the good old days.

The times we shared the same bench with our best friend and played tic tac toe on the desk. The times we took toilet breaks in the middle of a class only to secretly loiter around the corridors. The brilliant lunches we shared with our friends on the school playground during recess. Reminiscing over these memories warms our hearts.

Did you know that at least 35 million children between the age group of 6-14 do not attend school in India? There have been several reports that girls drop out of school because of a lack of basic facilities such as toilets. These children are not only missing out on basic education, but they are also missing out on those wonderful memories.

In a bid to make early education accessible to all, HIL Limitedhas taken a wonderful initiative. HIL Limited believe in the fact that when we do things together, better things happen, standing by their philosophy of ‘Together We Build’. In the film, you can see a small child Kamli. The naive child makes a colorful paper lantern for Diwali and gifts it to her school, which is in shambles. She is eager to learn and her adamant heart still gives her the hope that the colourful lantern might make her broken school a little brighter. After her Diwali holidays, when she comes back to her school and finds it prettier her heart rejoices.

HIL Limited believes that education is the right step towards bringing young minds together and creating a feeling of togetherness. Their social initiative has helped 75,000 children like Kamli by rebuilding their schools.

Now, these children would not miss out on basic education. They will also get to make beautiful memories that they will cherish for a very long time. This would also make their future stronger and more reliable. If you know any such school that needs attention, then please write to[email protected].

The Logical Indian appreciates HIL Limited for the wonderful initiative they have taken to make the future of so many underprivileged children better. Children are the future of the country and we hope that by making their future secure, we are taking our country forward.